Shibarium’s ‘Puppynet’ Reaches 100,000 Wallets, BONE Dips 2%

Shibarium’s testnet paints a bright picture for the upcoming Layer-2 scaling solution.

Big Shiba Inu dog is staring at two fluffy puppies in Shibarium's orange sandhill setting.
  • Shibarium received over 7,000 applications on the Shibarium Tech site.
  • Shibarium’s testnet registered over 100,000 wallets, with 3,000 daily transfers.
  • #15 ranked Shiba Inu (SHIB) is the top-held crypto by the TOP 2000 ETH whales.

The developers of SHIB Token recently launched the initial version of the highly-anticipated Layer-2 scaling solution for Shiba Inu (SHIB). As SHIB, the original ERC-20 token, is transitioning into a self-sufficient cryptocurrency with its own independent blockchain, the testnet is crucial to find and remove bugs before the official mainnet launch.

BONE Keeps on Falling – Rebound Incoming?

Despite the testnet results indicating that everything is going well on the technical side, the gas fee token Bone ShibaSwap (BONE) cannot break out from the protracted descent following $BONE for the past month. On top of that, the governance token for Shibarium seems to be trading below the fundamental resistance line of $1.50, finding support at the $1 zone.

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At press time, the #160 ranked Bone ShibaSwap is priced at $1.08, according to CoinGecko. Dropping by 2% in the last 24 hours, Shiba Inu’s BONE suffers from a 38.8% monthly deficit. In addition, crypto analytics tool IntoTheBlock suggests that $BONE’s on-chain signals are mostly bearish – especially In The Money and Large Transactions, declining by 5.5% and 8.35%, respectively.

However, the situation is expected to change by the majority of the community known as the SHIB Army. As Shibarium is confirmed to be built on a fork of the thriving Polygon (MATIC), it’s likely that Shibarium’s mainnet would have similar fees to the #10 blockchain by global market cap. Besides, Shiba Inu’s community would be burning a desired amount of SHIB tokens on every transaction, which helps to maintain the memecoin’s market price.

On The Flipside

  • Despite the recent bearish trend, Bone ShibaSwap is still up 54.4% yearly.
  • It’s unclear what percentage of Shiba Inu tokens is the default for Shibarium transactions.

Why You Should Care

Shiba Inu (SHIB) has a larger community than Polygon (MATIC); therefore, the success of Shibarium could push the memecoin to the TOP 10 by global market capitalization.

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This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Tadas Klimasevskis

Tadas Klimaševskis is a Lithuanian journalist at DailyCoin, specializing in covering the lighter side of the crypto industry such as memecoins and pop culture in the metaverse. He has experience as a music artist, English language teacher, and freelance writer, and uses his creative writing skills to summarize valuable information in his work. He is also a strong believer in the potential of blockchain and spends his free time listening to music, traveling, and watching basketball games.